Canada Ranked the Third Most Cashless Society – MONEXgroup (the #1 Rated Payment Processing Company in Canada) provides the Solution

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In Mastercard’s 2013 Report – Canada is rated as the Third Most Cashless Society in the World with 90% of the money spent in Canada taking place via Credit and Debit Transactions. MONEXgroup offers business merchants the solution to accept these forms of payment.

90% of the money spent in Canada takes place via Credit and Debit Card Transactions.

Toronto, Ontario, Canada (PRWEB)December 19, 2013

The Canadian mint made headlines recently by rolling out new polymer bank notes - though new research from Mastercard indicates that it may have been unnecessary.

In a 2013 report entitled ‘Cashless Journey,’ the credit card giant ranks Canada as the third most cashless society in the world, trailing only Belgium and France. According to Mastercard, 90% of the money spent in Canada takes place via credit and debit transactions (or some other form of payment other than cash). They also rate Canada as the nation most ready for a move towards an economy completely without cash transactions.

“Canadian consumers and businesses alike are showing an increased desire for transactions not involving cash” says Parry Rosenberg, Vice President of Sales and Marketing at MONEXgroup. “From multimillion dollar corporations all the way down to local businesses, the ability to process credit and debit transactions is a must in today’s retail economy.”

Among the reasons listed for Canadians’ preference for plastic is the increased security that comes with a PIN-secured card, as well as the lessened fear of theft that comes with using plastic. Regardless of the reasoning however, Mastercard’s report illustrates that Canadians are among the world’s leaders when it comes to cashless transactions.

MONEXgroup provides integrated payment processing solutions to thousands of businesses across Canada, enabling the simple and affordable acceptance of credit and debit transactions.
The ability to accept credit and debit transactions has proven to be a critical factor in retail success in 2013 and MONEXgroup will provide businesses with the payment processing solutions necessary to stay relevant in Canada’s increasingly cashless economy.